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Cooper Realty is a small real estate company located in Albany, New York, that specializes primarily in residential listings. The company recently became interested in
Cooper Realty is a small real estate company located in Albany, New York, that specializes primarily in residential listings. The company recently became interested in determining the likelihood of one of its listings being sold within a certain number of days. An analysis of company sales of 800 homes in previous years produced the following data.
Days Listed Until Sold | |||||||||
Under 30 | 3190 | Over 90 | Total | ||||||
Initial Asking Price | Under $150,000 | 50 | 40 | 10 | 100 | ||||
$150,000$199,999 | 20 | 150 | 80 | 250 | |||||
$200,000$250,000 | 20 | 280 | 100 | 400 | |||||
Over $250,000 | 10 | 30 | 10 | 50 | |||||
Total | 100 | 500 | 200 | 800 |
(a) | IfAis defined as the event that a home is listed for more than 90 days before being sold, estimate the probability ofA. If required, round your answer to two decimal places. |
(b) | IfBis defined as the event that the initial asking price is under $150,000, estimate the probability ofB. If required, round your answer to three decimal places. |
(c) | What is the probability ofAB? If required, round your answer to four decimal places. |
(d) | Assuming that a contract was just signed to list a home with an initial asking price of less than $150,000, what is the probability that the home will take Cooper Realty more than 90 days to sell? If required, round your answer to two decimal places. |
(e) | Are eventsAandBindependent? |
- Select your answer -YesNo |
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